Dayton Superior Reports First Quarter 2006 and Full Year 2005 Results.DAYTON, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. -- Dayton Dayton, city (1990 pop. 182,044), seat of Montgomery co., SW Ohio, on the Great Miami River where it is joined by the Stillwater River; inc. 1805. It is the trade center for a fertile farm area, but is best known for its involvement with industry, invention, and Superior Corporation: First Quarter 2006 Dayton Superior Corporation reported today that first quarter 2006 sales totaled a record $101 million, up 18% over the first quarter of 2005. Product sales were $83 million, an increase of 17% from the first quarter of 2005. Unit volume was significantly higher due to milder weather and improving markets and rental revenue of $13 million increased 31% from $10 million in the first quarter of 2005 - the result of an improving rental market and better positioning of the fleet. Used rental equipment sales were up slightly over the first quarter of 2006. Gross profit was $26 million in the first quarter of 2006 as compared to $21 million in the same period of 2005. Product sales contributed $18 million, or 21% of sales, an increase from the $16 million, or 22% of sales, in the first quarter of 2005. The $2 million increase was due to higher product sales. The decline in percent was entirely due to higher freight costs. Rental gross profit for the first quarter of 2006 was $5 million, as compared to $2 million in the first quarter of 2005. Depreciation on rental equipment for the first quarter of 2006 was $4 million, as compared to $5 million in the same period of 2005. The difference was primarily due to a change in the estimated useful lives of certain rental equipment. Rental gross profit before depreciation was $9 million in the quarter, or 71% of revenue, a 39% increase from the $7 million, or 67% of revenue reported last year. The increase in rental gross profit before depreciation resulted from increased rental revenue and higher utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be compared to 2005. Gross profit on the sales of used rental equipment for the first quarter of 2006 was slightly better than in the first quarter of 2005. Selling, general, and administrative expenses increased to $24 million in the recent quarter from $23 million for the first quarter of 2005. The increase was due to increased distribution costs distribution costs distribute npl → Vertriebskosten pl , consulting fees for profit improvement initiatives, retirement account costs, sales incentive Noun 1. sales incentive - remuneration offered to a salesperson for exceeding some predetermined sales goal bonus, incentive - an additional payment (or other remuneration) to employees as a means of increasing output costs, and healthcare costs. These increases exceeded the non-recurring severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when cost recorded in the first quarter of 2005 by $1 million. The Company reported a net loss of $(9) million for the first quarter of 2006, versus a net loss of $(15) million for the first quarter of 2005. Interest expense was flat at $12 million for the first quarters of 2006 and 2005. Full Year 2005 Sales for the year ended December December: see month. 31, 2005 totaled $419 million, flat with the prior year. Product sales were $353 million, an increase of $5 million from 2004. The increase in sales was due to price increases implemented throughout 2004, which had a carryover carryover n. in taxation accounting, using a tax year's deductions, business losses or credits to apply to the following year's tax return to reduce the tax liability. (See: carryback) impact, partially offset by a decrease in unit volume. Rental revenue of $49 million for 2005 increased 17% from $42 million in 2004 due to an improving rental market and to better positioning of the fleet. Used rental equipment sales decreased to $17 million for 2005 from $28 million in 2004 as the Company emphasized em·pha·size tr.v. em·pha·sized, em·pha·siz·ing, em·pha·siz·es To give emphasis to; stress. [From emphasis.] Adj. 1. renting rather than selling equipment. Gross profit for 2005 was $99 million, or 24% of sales, a decrease from $107, or 26% of sales, in 2004. The decline was primarily due to higher raw material and freight costs. Selling, general, and administrative expenses increased to $94 million for 2005 from $90 million in 2004. The increase was due to severance expenses of over $1 million related to senior executives and higher rental center costs. The Company had losses from disposals of property, plant and equipment of $5 million for 2005 due to two sale-leaseback sale-lease·back n. See leaseback. transactions and to the closure of various facilities. Amortization of intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of goodwill was $65 million for 2005. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , the Company updated its annual assessment of goodwill recoverability and recorded an impairment charge of $64 million to reduce the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of goodwill to estimated implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. fair value. The Company reported a net loss of $(115) million for full year 2005, compared to a net loss of $(48) million in 2004. Interest expense increased to $48 million for full year 2005 from $47 million in 2004. This increase was due to higher interest rates on the Company's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility and higher average borrowings compared to 2004. Eric ERIC Educational Research Information Clearinghouse ERIC Educational Resources Information Center ERIC ERISA Industry Committee ERIC Epidemiologic Research and Information Center (Durham, NC) R. Zimmerman Zimmerman may refer to: People
adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. improving our operating efficiencies. The non-residential markets are improving, as the latest F.W. Dodge reports confirm, and we believe we are well positioned to actively participate in this improving trend. Our first quarter results support this view. As we enter the heart of the 2006 construction season, we are excited about the potential." The Company has scheduled a conference call at 2:00 p.m. ET, Thursday Thursday: see week. , April 27, 2006 to discuss the first quarter and full year results. The conference call can be accessed by dialing 1-866-836-4700. A replay of the call will be available from 5:00 p.m. ET on Thursday, April 27, 2006 through 11:59 p.m. ET on Thursday, May 11, 2006 by calling 1-888-266-2081 and entering reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. #895294. Dayton Superior is the largest North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer and distributor of metal accessories and forms used in concrete construction, and a leading manufacturer of metal accessories used in masonry masonry: see brick; concrete; stonework; tile. masonry Craft of building in stone, brick, or block. By 4000 BC, Egypt had developed an elaborate cut-stone technique. construction in terms of revenues. The Company's products are used in two segments of the construction industry: infrastructure construction, such as highways, bridges, utilities, water and waste treatment facilities and airport runways, and non-residential building, such as schools, stadiums, prisons, retail sites, commercial offices, hotels and manufacturing facilities. The Company sells most products under the registered trade names Dayton Superior(R), Dayton/Richmond(R), Symons Sy·mons , Arthur 1865-1945. British poet and literary critic who translated many French symbolist works into English and wrote The Symbolist Movement in Literature (1899). Noun 1. (R), Aztec Aztec (ăz`tĕk'), Indian people dominating central Mexico at the time of the Spanish conquest. Their language belonged to the Nahuatlan subfamily of Uto-Aztecan languages. (R), BarLock(R), Conspec(R), Edoco(R), Dur-O-Wal(R) and American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Highway Technology(R). Note: Certain statements made herein concerning anticipated future performance are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These forward-looking statements are based on estimates, projections, beliefs and assumptions of management and are not guarantees of future performance. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of important factors. Representative examples of these factors include (without limitation) the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of nonresidential Adj. 1. nonresidential - not residential; "the commercial or nonresidential areas of a town"; "community colleges are typically nonresidential" residential - used or designed for residence or limited to residences; "a residential hotel"; "a residential quarter"; "a building and infrastructure construction activity, which can be affected by factors outside Dayton Superior's control such as the general economy, governmental expenditures, interest rate increases, and changes in banking and tax laws; the amount of debt Dayton Superior must service; the effects of weather and the seasonality of the construction industry; Dayton Superior's ability to implement cost savings programs successfully and on a timely basis; Dayton Superior's ability to successfully integrate acquisitions on a timely basis; the mix of product sales, rental revenues, and sales of used rental equipment; cost increases in raw materials and operating costs; and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market response to sales price increases. This list of factors is not intended to be exhaustive, and additional information concerning relevant risk factors can be found in Dayton Superior's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. , and current Reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed with the Securities and Exchange Commission.
Dayton Superior Corporation
Summary Income Statement, Unaudited
(in thousands)
For the fiscal quarter ended:
March 31, April 1,
2006 2005
Product sales $83,224 $71,089
Rental revenue 13,263 10,130
Used rental equipment sales 4,844 4,563
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Net Sales 101,331 85,782
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Product cost of sales 65,556 55,149
Rental cost of sales 7,939 8,501
Used rental equipment cost of sales 1,343 1,223
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Cost of Sales 74,838 64,873
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Product gross profit 17,668 15,940
Rental gross profit 5,324 1,629
Used rental equipment gross profit 3,501 3,340
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Gross Profit 26,493 20,909
Rental gross profit without depreciation 9,413 6,775
Product gross profit % 21.2% 22.4%
Rental gross profit % 40.1% 16.1%
Used rental equipment gross profit % 72.3% 73.2%
Gross Profit % 26.1% 24.4%
Rental gross profit % without
depreciation 71.0% 66.9%
Selling, General & Administrative 23,626 23,014
Selling, General & Administrative % 23.3% 26.8%
Facility Closing and Severance Expenses 251 250
(Gain) Loss on Disposals of Property,
Plant, and Equipment (669) 61
Amortization of Intangibles 151 142
--------------- --------------
Income (Loss) from Operations 3,134 (2,558)
Income (Loss) from Operations 3.1% (3.0%)
Interest Expense, net 12,137 12,141
Other Income (52) (10)
--------------- --------------
Loss Before Income Taxes (8,951) (14,689)
Pretax Margin (8.8%) (17.1%)
Provision for Income Taxes 124 --
--------------- --------------
Net Loss $(9,075) $(14,689)
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Rental Depreciation $4,089 $5,146
Other Depreciation and Amortization 1,632 2,305
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Total Depreciation and Amortization $5,721 $7,451
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Dayton Superior Corporation
Summary Balance Sheet, Unaudited
(in thousands)
As of:
March 31, December 31,
2006 2005
Summary Balance Sheet:
Cash $- $-
Accounts Receivable, Net 67,177 62,326
Inventories 60,470 57,372
Other Current Assets 6,529 5,680
-----------------------
Total Current Assets 134,176 125,378
Rental Equipment, Net 68,802 68,400
Property & Equipment, Net 38,555 38,164
Goodwill & Other Assets 49,272 49,578
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Total Assets $290,805 $281,520
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Current Portion of Long-Term Debt $2,409 $2,864
Revolving Credit Facility 72,200 --
Accounts Payable 24,438 27,267
Other Current Liabilities 31,091 31,663
-----------------------
Total Current Liabilities 130,138 61,794
Revolving Credit Facility -- 48,700
Other Long-Term Debt 318,340 317,690
Other Long-Term Liabilities 22,739 24,673
-----------------------
Total Liabilities 471,217 452,857
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Shareholders' Deficit (180,412) (171,337)
-----------------------
Total Liabilities &
Shareholders' Deficit $290,805 $281,520
=======================
Dayton Superior Corporation
Summary Cash Flow Statement, Unaudited
(in thousands)
For the three months ended:
March 31, 2006 April 1, 2005
Net Loss $(9,075) $(14,689)
Non-Cash Adjustments to Net Loss 2,862 5,450
Changes in Assets and Liabilities (13,772) (7,749)
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Net Cash Used in Operating Activities (19,985) (16,988)
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Property, Plant and Equipment
Additions, Net (1,744) (1,619)
Rental Equipment Additions, Net (946) (612)
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Net Cash Used in Investing Activities (2,690) (2,321)
-------------- -------------
Net Borrowings Under
Revolving Credit Facility 23,500 15,175
Other Repayments of Long-Term Debt (799) (413)
Other, Net (9) 65
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Net Cash Provided By Financing Activities 22,692 14,827
-------------- -------------
Other, Net (17) (112)
-------------- -------------
Net Decrease in Cash $-- $(4,504)
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